Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago,

User Stats

22
Posts
2
Votes
Porter Rappleye
  • Real Estate Investor
  • Phoenix, AZ
2
Votes |
22
Posts

Man Cave or Casida

Porter Rappleye
  • Real Estate Investor
  • Phoenix, AZ
Posted

I've got a detached garage I recently converted to a second living room. It cost me appx $5k to dry wall, carpet and tile the room.  Prior to beginning construction I had a vision of the ultimate "MAN CAVE". Endless parties, intense ping pong tournaments, and 24/7 football.  Unfortunately my vision of the "Man Cave" has fizzled into nothing more that a cluttered storage room.  

Since finalizing construction  of said "Man Cave", I've recently learned about a lot of other people in my neighborhood converting their garages into Casidas, which typically rent for appx $400-$500/month.  In order for me to do this I would need to drop another appx $7k into plumbing, shower, kitchen, etc..  So my total investment at that point would be $12k which at $450/month (average)  = $5,400/year which is a $5,400/$12,000 = 45% return on my investment (not including expenses). Since I live in the main house and will charge the tenant for all utilities I'm not expecting too many expenses (maybe i should??).  

My question is, do I keep the "Man Cave" (storage space) or do I convert it into a rental unit??

Loading replies...